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BusinessEntreprenuership > tenta plugg > Flashcards

tenta plugg Flashcards

1
Q

What is entrepreneurship?

A

The process of turning an idea into a business.

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2
Q

Corporate entrepreneurship/intrapreneurship

A

entrepreneurial mindset while still working at a larger company.

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3
Q

Entrepreneurial intensity

A

The higher the intensity the company has, the more open the company is to new ideas coming from the employees, such as Google.

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4
Q

GEM

A

Global Entrepreneurship Monitor

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5
Q

TEA

A

Total Early Stage Entrepreneurial Activity

measures how many Entrepreneurs there are in each country per capita.

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6
Q

Characteristics of successful entrepreneurs

A

Passion for the business
Product/customer focus
Tenacity despite failure
Execution intelligence

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7
Q

Three different types of start-up firms

A

Salary-Substitute Firms
Firms basically provide their owner or owners a similar level of income to what they would be able to earn in a conventional job.

Lifestyle Firms
Firms that provide their owner or owners the opportunity to pursue a particular lifestyle, and make a living at it.

Entrepreneurial firms
Firms that bring new products and services to the market by creating and seizing opportunities regardless of the resources they currently control.

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8
Q

The entrepreneur’s four principles

A
  1. Start with yourself
  2. Determine affordable loss
  3. Be open to surprises
  4. Form partnerships
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9
Q

Opportunities and ideas

A

tough to spot, hidden, a type of business that does not yet exists.
Opportunity gap - easier to find
A window of opportunity - must be open
Idea - is just a thought
an idea becomes an opportunity when we have identified that there’s a possibility to turn this into a business.

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10
Q

Opportunity must be

A

Attractive
Timely
Durable
Anchored in a product, service, or business that creates or adds value for its buyer or end user.

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11
Q

Identify opportunities

A
  1. Observing trends
  2. Solving problems
  3. Finding gaps in the marketplace
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12
Q

Personal characteristics of the entrepreneur

A

Prior industry experience
Cognitive factors
Social networks
creativity

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13
Q

Creativity - 5 steps

A
  1. Preparation
  2. Incubation
  3. Insight
  4. Evaluation
  5. Elaboration - execution phase.
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14
Q

The opportunity recognition process:

A
  1. Environmental Trends
    Economic factors
    Social factors
    Technological advances
    Political and regulatory changes
  2. Business, Product, or Service Opportunity Gap
    Difference between what’s available and what’s possible.
  3. New Business, Product, and Service Ideas.
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15
Q

Feasibility analysis

A

The process:
idea => Opportunity => Feasibility analysis
feasibility = is it doable?
The role of feasibility analysis:
First step:
Product/service feasibility
Industry/target market feasibility
Organizational feasibility
Financial feasibility
Second step:
if “yes” in all areas = Proceed with the business plan
if “no” in one or more areas = drop or rethink the business idea

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16
Q

The axiom of business

A

creates value for someone
when they create value they consume resources
Examples of resources; are raw materials, human resources (time), intellectual resources (patterns), machinery, equipment, and capital.

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17
Q

TAM

A

Total Addressable Market

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18
Q

SAM

A

Serviceable Available Market

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19
Q

SOM

A

Serviceable Obtainable Market

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20
Q

4P-model

A

Product
Place
Price
Promotion

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21
Q

What is FMEA?

A

Color-coded risk analysis

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22
Q

What is FMEA?

A

Color-coded risk analysis

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23
Q

profitability

A

every company has to have a profit

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24
Q

liquidity

A

a company’s ability to meet its short-term obligations, cash on hand

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25
Q

efficiency

A

how productively a firm utilizes its assets

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26
Q

stability

A

the overall health of the financial structure of the firm, particularly as it relates to its debt-to-equity ratio

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27
Q

revenue

A

number of units sold during a time period times the price/unit (value of the sales over a period)
number of units sold x the price of units sold

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28
Q

cost

A

the value of the resources consumed during a time period (in this course Fixed and Variable)
value of resources consumed

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29
Q

result

A

the difference between revenue and cost during a time period.

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30
Q

Margin

A

the result during a time period divided by the turnover during the same time period. always expressed in %. can also be measured on a product/service level.

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31
Q

The investment and depreciation

A

when dealing with investments and depreciation we assume the total value of the asset is “consumed” equally over a number of years (depending on the asset)

the cost of the purchase divided by year = depreciation

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32
Q

linear variable cost

A

varies proportionally with volume, i.e. material

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33
Q

Fixed cost(constant)

A

independent from the volume, i.e. office space, marketing, and salaries.

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34
Q

Critical volume

A

Total Revenue - Total costs = 0

Volume = Total Fixed cost/Contribution per unit

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35
Q

margin calculation

A

sales price - variable costs = contribution

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36
Q

BCM - value proposition

A

Products and services that satisfy a customer’s need
What value is added for the customer
Price for the product

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37
Q

BMC - Cost structure

A

what we need to buy to create our offer/product

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38
Q

BMC - Key activities

A

Manufacturing
Procurement
IT activities, payment solutions/transactions

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39
Q

BMC - Key resources

A

Capital, investments
Internal physical resources, premises, e.g. IT hardware equipment
employees or consultants
services or other external resources

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40
Q

BMC - Key partners

A

external contacts that the company needs
suppliers
customers
venture capitalists
complementary partner companies

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41
Q

BMC - Customer segments

A

it is the heart of the model - why do you exist as a company?
geographic segmentation
B2C or B2B
Types and sizes of companies or consumers

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42
Q

BMC - Customer relations

A

how do we:
communicate with potential and existing customers?
show that we care for our customers?
sell more to each customer?

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43
Q

BMC - Distribution channels

A

where:
do we meet the customer before, during, and after the sales
do we deliver the product/service?
can you buy the product/service?
can you get support and service

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44
Q

BMC - Cost and revenue streams

A

Cost structure (which type of costs, ranked)
fixed vs variable cost relation
Investments /ongoing costs
Main revenue stream, description

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45
Q

Standard business models

A

known business models within a certain industry
can be enhanced, digitilized, rationalized…
Manufacturer and wholesaler and/or retailer
Wholesaler and/or retailer
Advertising
Auction
Bricks and Clicks
Freemium

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46
Q

Disruptive business models

A

new, rare
Replaces or takes market from standard business models
addresses or creates new markets - ryanair - google ads - dell - Spotify

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47
Q

Market audit and analysis
External

A

Business environment
Market
Customers
Suppliers
Competitors

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48
Q

Market audit and analysis
Internal

A

Sales
Profitability
Market share
Marketing mix - 4P/7P
Resources

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49
Q

useful tools for Market audit

A

PESTLE
SWOT
MKIS

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50
Q

PESTLE

A

Political
Government type and policy
Funding, grants, and initiatives

Economic
Inflation and interest rates
Labor and energy costs

Social
Population, education, media
Lifestyle, fashion, culture

Technological
Emerging technologies, web
Information & communications

Legal
Regulations and standards
Employment law

Environmental
Weather, green & ethical issues
Pollution, waste, recycling

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51
Q

SWOT

A

Strengths, Weaknesses, Opportunities, Threats
internal: strengths, weaknesses. this part we can influence/change.
external: opportunities, threats. out of our control, we have to adapt.

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52
Q

MKIS

A

any collectible data on the market

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53
Q

B2B and B2C

A

B2C - business to consumer
B2B - Business to Business

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54
Q

The five forces model

A

Threat of substitutes
Threats of New Entrants
Rivalry Among Existing firms
Bargaining power of suppliers
Bargaining power of buyers

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55
Q

Competitor analysis

A

Direct
Indirect
Future

56
Q

CA - Direct

A

direct threats to your market, e.g. taxis vs self-driving cars.

57
Q

CA - Indirect

A

indirect threats to your market, e.g. busses/taxis vs electric rental scooters (jolt).

58
Q

CA - Future

A

future threats to your market, e.g. car manufacturers being replaced because newer companies are coming up with revolutionary designs.

59
Q

Industry analysis

A

different markets in the same industry, e.g., taxis, uber, school taxis, and hospital transport. all being in the same industry but in different markets.

60
Q

Management

A

CEO - Chief executive officer
COO - Chief operating officer
CFO - Chief financial officer
CMO - Chief marketing officer
CTO - Chief technology officer
CIO - Chief information officer

61
Q

Key Employees

A

full- or part-time employees
interns
freelancers
virtual assistant

62
Q

Board of directors

A

a board of directors is legally required in a shareholders’ company
board of directors is elected by the owners (shareholders)

63
Q

The task of the board of directors:

A

appointing the firms’ officers (members of the management team)
Declaring dividends
Overseeing the affairs and cooperation

64
Q

Directors can be

A

inside directors
outside directors

65
Q

Board of advisors

A

Not a legal requirement
no formal responsibility
Can be formal or informal in its form
Customer or supplier advisory boards

66
Q

Lenders and investors

A

are often also the board of directors
The more money, the more interested
outside investment is a quality stamp

67
Q

Cash flow

A

The money needed to ensure that there is more money coming into the company than being paid out

68
Q

Investments

A

Money for investments, e.g., in systems, machines, facilities, vehicles, etc.

69
Q

Development

A

Products and processes need to be developed before sales can start.

70
Q

Burn rate

A

Find the difference between starting and ending cash balance for the period.
Divide the total by the number of months in the selected period
You now have a cash burn rate

71
Q

Personal funding

A

Private
Family and friends
Bootstrapping (never spend more money than you earn)

72
Q

Equity funding

A

source risk capital from somewhere outside our personal sphere.

73
Q

3 steps of Equity Funding

A

Step 1.
Make a budget
Calculate the sum needed
Step 2.
Decide on the best type of equity
Step 3.
Develop a strategy
Make a business plan

74
Q

Equity funding sources

A

Business Angels
Venture Capital
IPO = Initial Public Offering

75
Q

Business Angels

A

Individuals with private financial capacity
Often followed by personal commitment
It can be combined with an offer of competence
Lower investment values

76
Q

Venture Capital

A

Capital is exchanged for part ownership
Investment companies
Higher investments values

77
Q

IPO

A

IPO = Initial Public Offering
Selling new and additional owner shares to the public

78
Q

Debt funding

A

Bank loans
Guaranteed loans
Vendor credits

79
Q

Creative financing and funding

A

Crowdfunding
Grants

80
Q

Segmentation

A

Geographically (where)
Demographically (type of person)
B2C or B2B
Product preferences (large/small, hi-tech, low-tech..)
Buying format: (Purchase, Lease, Rent, Full-service)
Buying Power (size of the buying company)
Supply chain position (wholesaler, retailer, end-user)

81
Q

A segment is characterized by:

A

Homogeneity of needs and wants
Heterogeneity of needs and wants between segments
Differences within a segment are smaller than across segments
The segment should be distinct with members easily identified
it should be possible to determine the size of the segment
The segment should be large enough for the firm to earn profits

82
Q

S-T-P

A

Segmentation Defining
Targeting Selecting
Positioning Attacking

83
Q

Branding

A

A brand expresses a firm’s (product’s) reputation
A firm’s (product’s) reputation is built by actions

84
Q

Brand equity builds on:

A

Brand loyalty
Perceived Quality
Positive brand associations
Other: Patents, partnerships, trademarks, assets…

85
Q

Brand equity

A

is the difference between the total value of the company’s shares subtracted from the real assets expressed in the yearly financial report

86
Q

Intellectual property

A

is any product of the human intellect that is intangible but still has value
is the product of human imagination, creativity, and inventiveness

87
Q

The four types of Intellectual Property

A

Patent
Trademark (™)
Copyright ©
Trade secret

88
Q

Patent

A

Protected for a limited time
Can not be sold, made, or used as an invention by others
Patents can be sold
Can be licensed for use

89
Q

Patent pending

A

Not Protected
Registration date of the scope of a possible patent
You can prove you were the first

90
Q

Different types of patents

A

Utility patents - most common
Design patents - second most common
Plant patents - third most common

91
Q

how to obtain a patent

A

Step 1
Make sure the invention is practical
Step 2
Determine the type of application to file
Step 3
Hire a patent attorney
Step 4
Conduct a patent search
Step 5
File a patent application
Step 6
Obtain a decision from the PRV (Sweden)

92
Q

Sustainable growth

A

to have sustainable growth you need both sales and profits to increase instead of decrease.

93
Q

Preparing for growth

A
  1. Appreciate (=accept) the nature of growth
  2. Stay with your strategy
  3. Plan the growth
94
Q

Reasons for growth

A
  1. Economy of scale
    if the company grows, we can lower the cost per sold unit and make it more profitable
  2. Economy of scope
    Extend sales by adding more products to the production line, spreading the fixed costs over a larger volume
  3. Market leadership
  4. Influence, power, and survivability
  5. Need to accommodate the growth of customers
  6. Ability to attract and retain talented employees
95
Q

Four day-to-day challenges in a new firm

A
  1. Cash flow management
  2. Price stability
  3. Quality control
  4. Capital constraints
96
Q

Internal growth strategies

A

Improving product or service
Increase market share
Extending product lines
Geographic expansions

97
Q

External growth strategies

A

Mergers and acquisitions
Licensing
Strategic alliances
Joint ventures

98
Q

Franchising

A

A company (franchisor) licenses its trademark and method of doing business to other companies (franchisee)

99
Q

Advantages of becoming a franchisor

A

Low cost
income grows
Franchisees motivated
Access to ideas
Cost savings
Increased buying power

100
Q

Disadvantages of becoming a franchisor

A

Profit sharing
Lost control
Friction and conflicts
Manage growth
Requires business skills
Legal expenses

101
Q

To consider when becoming a franchisee

A

Franchise fee
Ongoing Royalty fee
Total initial investment

102
Q

Advantages of becoming a franchisee

A

Proven product
established trademark
training and competence
marketing network
support
financing
growth potential (fast)

103
Q

Disadvantages of becoming a franchisee

A

Costly
Limitations for creativity
Long duration of commitment
Risk, fraud, lack of commitment
problematic to terminate
Potential for failure

104
Q

7 steps to become a franchisee

A

Step 1. Visit several of the franchisor’s outlets
Step 2. Meet with a franchise attorney
Step 3. Meet with the franchisor and check the franchisor’s references
Step 4. Review all franchise documents with the attorney
Step 5. Sign the franchise agreement
Step 6. Attend training
Step 7. Open the franchise business

105
Q

Customer Relationship Manager

A

Systematic collection and use of data concerning a company’s customer base, in order to support the company’s growth and further development.
very different depending on B2B or B2C

106
Q

why do we trade?

A

Differences in access to input factors and their combination (raw materials, labor, capital, knowledge)
Geographical differences

107
Q

pros of free trade

A

exports give companies a larger market
Competition increases efficiency, quality, and lower prices
freer imports give consumers a richer range of choice
competition contributes to product development
technology transfer is faster
trade is peacekeeping

108
Q

cons of free trade

A

import duties provide government revenue
Free trade is a threat to employment
free trade makes self-sufficiency impossible in war
trade barriers create establishment protection for new companies
free trade threatens cultural identity
free trade leads to unfair trade

109
Q

Equilibrium

A

supply curve, as the market’s demand, increases the price and volume will increase with it.
Demand curve the more the price drops the more customers will want to buy the product.
Where the supply curve and the demand curve meet is called Equilibrium

110
Q

Perfect competition

A

to reach the equilibrium point you need many sellers and buyers (condition), Rivalry, Bargaining, and Substitutes.
You also need Free entry to the market (condition), New Entrants
Complete information (condition), Not in Porter

111
Q

aims with trade between countries

A

Reach efficient global resource allocation
Increase global consumption, global welfare

112
Q

the multilateral trade system

A

GATT
GATS
WTO
TRIPS

113
Q

GATT

A

general agreement on tariffs and trade

114
Q

GATS

A

General agreement on trade in services
agreement about trade in services and is based on the same principles as GATT

115
Q

TRIPS

A

Trade-related intellectual property rights
the agreement gave protection against misuses, violations of patents, copyrights, and trademarks

116
Q

WTO

A

The world trade organization
the umbrella organization WTO was created to handle the various regulatory systems GATT, GATS, TRIPS

117
Q

The ansoff matrix

A

Market Development
Diversification
Market Penetration
Product Development

118
Q

optimizing the value/supply chain

A

offshoring parts of the manufacturing process to:
reduced material, energy, and regulatory of salary costs
improve performance
reduce risks
make use of government subsidies

119
Q

Country market power

A

GNI (country market size from the income side)
GDP (Country market size from the production side)

120
Q

Purchasing power

A

GNI divided by person
GDP divided by the person

121
Q

trends, emerging markets

A

GNI growth rate
GDP growth rate

122
Q

What risks to consider when expanding internationally

A

which market/country to choose?
administrative risks
political risks
financial risks (plagiarism, recession)
financial risks (currency risks)

123
Q

why is sustainability important?

A

To save the climate

124
Q

The 3 dimensions of Sustainability

A

Environmental
Social
Economic

125
Q

Agenda 2030

A

consists of 17 global goals for sustainable development that aim to erratic poverty, stop climate change, and create peaceful and secure societies.

126
Q

Agenda 2030 goals

A
  1. no poverty (Social)
  2. zero hunger (Social)
  3. good health and well-being (Social)
  4. quality education (Social)
  5. gender equality (Social)
  6. clean water and sanitation (Environmental)
  7. affordable and clean energy (Social)
    8 decent work and economic growth (Economic)
  8. Industry, Innovation, and Infrastructure (Economic)
  9. Reduced Inequalities (Economic)
  10. Sustainable cities and communities (Social)
  11. Responsible consumption and production (Economic)
  12. Climat action (Environmental)
  13. Life Below Water (Environmental)
  14. Life on land (Environmental)
  15. Peace, justice, and strong institutions (Social)
  16. Partnerships for the goals
127
Q

human development index

A

HDI is based on life expectancy and GNI (Growth national income)

128
Q

Global Peace Index

A

Measuring peace at the global and national levels allows the assessment of the social, political, and economic factors that create peace.
each year the Institute for Economics and Peace produces the Global Peace Index, the world’s leading measure of national peacefulness, ranking 163 countries according to their levels of peace.

129
Q

Sustainability reporting

A

greenwashing, saying that you do something for sustainability but you don’t actually do anything about it, in order to look good to the public.

130
Q

Measuring and reporting

A

The global reporting initiative is an international independent standards organization that helps businesses, governments, and other organizations understand and communicate their impacts on issues such as climate change, human rights, and corruption.

131
Q

GRI

A

used to report sustainability. Data is used for documentation and statistics

132
Q

Good reporting

A

Clarity
Business benefit
Social benefits
Long-term
Credibility

133
Q

Circular Economy

A

it’s all about reusing the material of your everyday products, such as energy, technology, paper, food, and much more.

134
Q

Sustainability trade-offs

A

taking the bus/cycling instead of driving cars
buying bioproducts (kravmärkt) instead of importing food/items from other countries.

135
Q

How to combine the three dimensions: Social, Ecological, Economic

A

Environmental product innovation & product branding to increase margins (e.g., electric cars)
Environmental process innovation that also achieves cost savings (e.g. energy, transport, circular production, new process technology that is both cheaper and more environmentally friendly)
Environmental marketing innovation (e.g., part of revenue donated to climate compensation measures)
Environmental organizational innovation (e.g. implementation of Environmental management system such as ISO 14001)

BusinessEntreprenuership (1 decks)

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